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Tempus Resources in trading halt ahead of capital raising news

Recently, the company completed a capital raising exercise of $4 million in two tranches to fund gold exploration in Canada and Ecuador

Tempus Resources Ltd - Tempus Resources in trading halt ahead of capital raising
The company’s Blackdome-Elizabeth Gold Project is around 200 kilometres north of Vancouver in Canada

Tempus Resources Ltd (ASX:TMR) has a capital raising announcement upcoming and has been granted a trading halt by the ASX.

The trading halt will remain in place until the beginning of normal ASX trade on Monday, August 24, or when an announcement is released to the market, whichever occurs earliest.

Tempus has a market cap of approximately $23.3 million and shares last traded at 33 cents, having risen from 20 cents since the market close on June 19.

Diamond drilling progress in Canada

Tempus is encouraged by the steady progress of diamond drilling at Blackdome-Elizabeth Gold Project in British Columbia, Canada.

The company has drilled 11 holes for a total of 2,165 metres, mainly focusing on the Giant Vein, No 17 Vein and the Redbird Vein.

Geological logging indicates that in all the holes drilled so far, the alteration zones and veins have been intersected and the area is expected to host mineralisation.

Drilling in these areas is focused on verifying and expanding upon the known gold and silver mineralisation within the 350 square kilometre licence area that remains relatively unexplored.

Quick facts: Tempus Resources Ltd

Price: 0.25 AUD

ASX:TMR
Market: ASX
Market Cap: $19.88 m
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